EDP Renovaveis SA says it has reached an agreement with Borealis Infrastructure - a company that invests in and manages infrastructure on behalf of the Ontario Municipal Employees Retirement System, one of Canada's largest pension funds - to sell a 49% equity shareholding in a portfolio of wind farm assets in the U.S.

The portfolio comprises four wind farms totaling 599 MW. All of the projects were installed between 2007 and 2008 and have long-term power purchase agreements in place.

The total consideration for the 49% equity shareholding is $230 million, which represents a total implied portfolio value of $1.446 billion. The transaction is subject to the customary regulatory approvals.